RECORD $23 Billion Loss for SNB in 2015
The Swiss National Bank (SNB) is posting an annual loss of 23 billion (US$ 23 billion) CHF for the 2015 financial year. 20 billion CHF in losses was attributed to foreign currency positions, while 4 billion CHF in losses was related to a decreased valuation on gold holdings. The net result from Swiss franc positions was 1 billion CHF. SNB said it will still pay a 15 CHF per share dividend and distribute 1 billion CHF to the federal government and cantons.
The SNB got hit bad with major losses when it unexpectedly abandoned its currency cap.
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